Pros - yes, it will dramatically cool down your engine bay.
Cons - what Si06 said. Pero if you're still using your stock iron headers, they might survive... oops... scratch that... stock iron exhaust manifolds might eat themselves up more quickly than stainless headers...
EDIT2: yeah... that article explained it...
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Personally, yeah, get high-temp hoses, like Si06 said, and you could also insulate the engine bay electricals instead of the headers...
Or you could try cerami-coating your headers... ghetto style...take off your header, wash out all the deposits in there with a strong solvent, some high-pressure water and detergent and an air hose... if you can get something in there to scrape it out (like a steel brush), even better... then fill the header with high-temp paint (those 1000 degree paints you see at hardware stores for burners)... swirl it around in there to get a nice even coating, then drain and let dry.
I don't guarantee the coating won't flake off and get ingested into your engine when you start it, though... there's a vacuum when you start the engine... which is why flaky cats have killed QR25 engines in the US... but it should do the same job that header wrap does.




take off your header, wash out all the deposits in there with a strong solvent, some high-pressure water and detergent and an air hose... if you can get something in there to scrape it out (like a steel brush), even better... then fill the header with high-temp paint (those 1000 degree paints you see at hardware stores for burners)... swirl it around in there to get a nice even coating, then drain and let dry.
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